Residential rentals soar high in Chennai
In recent years, the residential rental market in Chennai has experienced notable fluctuations, with prices soaring by 20-25% over the past two years. Certain areas have witnessed even steeper hikes, with rental rates escalating by as much as 25-30%. Gated communities and modern apartment complexes have also seen accelerated increase in rental prices, charging 7-8% more than their non-gated counterparts.
Sanjay Chugh, director and city head, Chennai, Anarock Property Consultants Private Limited who has been tracking Chennai's real estate growth for several years now, said, 'Chennai's residential rental market has experienced significant growth since the last two years, particularly in mid-segment and suburban areas. In the third quarter of 2024, Chennai recorded the sharpest rental hike among major Indian cities, with rents soaring 22.2% quarter-on-quarter from ₹17.94 to ₹26.91 per square foot.' He added, 'The surge in rental prices is attributed to several factors, including a property tax hike, the end of widespread work-from-home arrangements, and the city's industrial growth.'
'Overall rent inflation in Chennai was 18% from 2022 to 2023. From 2023 to 2024, it was 8%. Abiramapuram, Nungambakkam, T Nagar, Alwarpet and Adyar are the prime locations in Chennai that have seen the highest rental growth,' said Saurabh Garg, co-founder and CBO of NoBroker. 'Localities such as Tiruvanmiyur, Perungudi, and Palavakkam have experienced the highest spike. Rents have gone up by approximately 9-11% in these areas,' he added.
Adyar, Anna Nagar, T. Nagar, and Besant Nagar — These upscale neighbourhoods continue to command premium rents due to their established infrastructure, educational institutions, and lifestyle amenities, Mr. Chugh pointed out.
According to Mr. Garg, 'The conclusion of widespread work-from-home policies has also compelled many employees to return to Chennai, increasing the demand for rental accommodations near workplaces.'
In 2023, prime areas like T. Nagar, offered 1BHK (Bedroom, Hall, Kitchen) houses for rent between ₹8,000 and ₹12,000 per month. Now, the rent for a 1BHK in this area ranges from ₹15,000 to ₹20,000 per month, excluding car parking and maintenance charges. The cost of a 2BHK at prime locations in T.Nagar is anywhere between ₹25,000 and ₹60,000.
Saravanan, a real estate agent said at Vadapalani, the cost of a 1BHK is anywhere from ₹15,000 to ₹20,000, while the cost of a 2BHK starts at ₹30,000. In gated communities, the rents are anywhere around ₹45,000 to over a lakh. 'If you're looking for a house near the metro line or Forum Mall, the rent tends to be quite high. However, if you're open to locations like Kodambakkam or the interior areas of Vadapalani, you can find more affordable options,' he said.
Properties along Old Mahabalipuram Road and in Sholinganallur have experienced significant rental hikes, driven by the growing presence of IT firms, start-ups, and a rising student population in the area.
A real estate agent in this area mentioned that, in the past, students preferred staying in hostels within college campuses or nearby. However, nowadays, many of them are choosing to rent individual houses or apartments with their friends. Ditto is the trend in Tambaram and Velachery zones. Rentals on OMR which were hovering around ₹15,000 to ₹20,000/month for a 1 BHK is now at ₹18,000 to ₹30,000/month.
Mr. Chugh said that in Pallavaram rental values grew by 40%, while capital values rose by 18%. 'At Perambur, rental values increased by 33%, with capital appreciation at 18%. At Central Chennai: high-end rental values remained stable, ranging from ₹1,00,000 to ₹2,50,000 per month, with minimal year-on-year changes,' he said. ''The upward trajectory in Chennai's rental market is expected to continue, especially in suburban areas, due to ongoing infrastructure projects like metro rail expansions and the city's growing appeal as an IT and industrial hub. However, the high-end segment in central locations may see more stable rental values, given the already premium pricing. Apartments are witnessing the maximum demand from occupiers, followed by villas and independent houses,' he said.
Real estate experts further said that the prices were only bound to increase more when the metro and other infrastructure projects in the city would be nearing completion.
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